Home sales down to more normal levels in May as new listings surge

Real estate sales were down 25.8 per cent in Prince Edward County in May – following a region-wide trend. However, the average price in May was $825,016, up 13 per cent from $730,363 in May last year.

The number of homes sold through the MLS system of the Quinte & District Association of Realtors totaled 399 units in May 2022 down 25.7 per cent from May 2021.

Valerie Miles, QDAR president, notes in her monthly report that overall, home sales were 4 per cent below the five-year average and 3.2 per cent below the 10-year average for the month of May.

“Sales activity was down from last year’s record May to levels more in line with what would be considered typical for this time of year,” said Miles.

She adds new listings surged to a new May record and brought some much-needed relief on the supply front, lifting overall inventories from their record lows.

“It’s only been a couple months of stronger supply, but this is a trend we hope will continue to play out during the rest of the year to bring more availability of choice to potential buyers who may have been waiting on the sidelines during the frenzy of the past two years.”

There were 810 new residential listings in May 2022. This was also the largest number of new listings added in the month of May in history.

Active residential listings numbered 726 units on the market at the end of May, an increase of 47.3 per cent from the end of May 2021.